PNC Financial Services Group Inc. Sells 2,262 Shares of SiteOne Landscape Supply, Inc. (NYSE:SITE)

Key Points

• PNC Financial Services Group Inc. has reduced its stake in SiteOne Landscape Supply by 29.3%, owning 5,455 shares worth $662,000 after selling 2,262 shares.
• Insider selling at SiteOne includes CEO Doug Black, who sold 7,384 shares for approximately $975,352.56, and EVP Joseph Ketter, who sold 39,640 shares valued at around $5 million.
• SiteOne Landscape Supply reported Q2 earnings of $2.86 EPS, falling short of expectations, with revenue of $1.46 billion, up 3.4% from the previous year.

PNC Financial Services Group Inc. lowered its stake in SiteOne Landscape Supply, Inc. (NYSE:SITE - Free Report) by 29.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 5,455 shares of the industrial products company's stock after selling 2,262 shares during the quarter. PNC Financial Services Group Inc.'s holdings in SiteOne Landscape Supply were worth $662,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in SITE. HM Payson & Co. acquired a new position in shares of SiteOne Landscape Supply in the 1st quarter valued at $25,000. Golden State Wealth Management LLC raised its stake in SiteOne Landscape Supply by 106.1% during the 1st quarter. Golden State Wealth Management LLC now owns 270 shares of the industrial products company's stock worth $33,000 after buying an additional 139 shares during the period. Eastern Bank acquired a new stake in SiteOne Landscape Supply during the 1st quarter worth $38,000. GAMMA Investing LLC raised its stake in SiteOne Landscape Supply by 24.3% during the 1st quarter. GAMMA Investing LLC now owns 486 shares of the industrial products company's stock worth $59,000 after buying an additional 95 shares during the period. Finally, State of Wyoming raised its stake in SiteOne Landscape Supply by 6.2% during the 4th quarter. State of Wyoming now owns 1,389 shares of the industrial products company's stock worth $183,000 after buying an additional 81 shares during the period.

Insider Activity

In related news, CEO Doug Black sold 7,384 shares of SiteOne Landscape Supply stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $132.09, for a total value of $975,352.56. Following the sale, the chief executive officer owned 600,446 shares of the company's stock, valued at approximately $79,312,912.14. The trade was a 1.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Joseph Ketter sold 39,640 shares of the company's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $126.28, for a total value of $5,005,739.20. Following the sale, the executive vice president owned 13,663 shares in the company, valued at $1,725,363.64. The trade was a 74.37% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 76,784 shares of company stock worth $9,828,465 in the last three months. Company insiders own 2.60% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on SITE. Stifel Nicolaus dropped their price objective on SiteOne Landscape Supply from $145.00 to $126.00 and set a "hold" rating on the stock in a research note on Monday, April 28th. Royal Bank Of Canada raised their price objective on SiteOne Landscape Supply from $130.00 to $143.00 and gave the stock a "sector perform" rating in a research note on Thursday, July 31st. Truist Financial dropped their price objective on SiteOne Landscape Supply from $165.00 to $145.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Finally, Wall Street Zen upgraded shares of SiteOne Landscape Supply from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $147.00.

SiteOne Landscape Supply Stock Performance

SITE opened at $137.89 on Wednesday. The business's 50-day moving average price is $126.95 and its two-hundred day moving average price is $124.98. SiteOne Landscape Supply, Inc. has a 1 year low of $101.25 and a 1 year high of $160.74. The company has a market capitalization of $6.15 billion, a price-to-earnings ratio of 50.32, a P/E/G ratio of 2.20 and a beta of 1.54. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.41 and a quick ratio of 1.06.

SiteOne Landscape Supply (NYSE:SITE - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The industrial products company reported $2.86 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.89 by ($0.03). SiteOne Landscape Supply had a net margin of 2.69% and a return on equity of 7.80%. The firm had revenue of $1.46 billion during the quarter, compared to analyst estimates of $1.49 billion. During the same period in the prior year, the business earned $2.63 EPS. The business's revenue for the quarter was up 3.4% compared to the same quarter last year. Equities analysts expect that SiteOne Landscape Supply, Inc. will post 3.61 EPS for the current fiscal year.

SiteOne Landscape Supply Profile

SiteOne Landscape Supply, Inc, together with its subsidiaries, engages in the wholesale distribution of landscape supplies in the United States and Canada. The company provides irrigation products, including controllers, valves, sprinkler heads, irrigation pipes, micro irrigation, and drip products; fertilizer, grass seed, and ice melt products; control products, such as herbicides, fungicides, rodenticides, and other pesticides; landscape accessories that include mulches, soil amendments, drainage pipes, tools, and sods; nursery goods, which consist of deciduous and evergreen shrubs, ornamental, shade, evergreen trees, field grown and container-grown nursery stock, roses, perennials, annuals, bulbs, and plant species and cultivars; hardscapes, such as pavers, natural stones, blocks, and other durable materials; and outdoor lighting products that include lighting fixtures, LED lamps, wires, transformers, and accessories.

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